The Team of Greg Miller, Scott O’Donnell, Dominic Montazemi and Jason Hochman Negotiated the Sale of the Three-Building Light Industrial Portfolio to Interstate Industrial Park Holdings, LLC
RIVIERA BEACH, FL, March 11, 2019 — Cushman & Wakefield has negotiated the sale of Interstate Industrial Park, a three-building, multi-tenant small-bay industrial portfolio in Palm Beach County.
The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Dominic Montazemi and Jason Hochman, along with CBRE’s Robert Smith and Kirk Nelson, negotiated the sale on behalf of Palm Beach, FL-based The Silverman Group. Interstate Industrial Park Holdings, LLC, led by Harry Spitzer, acquired the 160,302-square-foot park for $11.7 million ($73 per square foot). Adam Robbins of ARC Equities, LLC represented the buyer.
The portfolio comprises three buildings located at 6555 and 6557 Garden Road and 3541 M.L.K. Jr. Boulevard in Riviera Beach.
6557 Garden Road and 3541 M.L.K. Jr. Boulevard are one-story, metal construction, light industrial buildings developed in 1968 on a ±2.0-acre site. These assets house 31 units, are fully sprinklered and feature 16-foot clear heights as well as 10-foot by 12-foot, grade-level, front and rear loading doors. 6555 Garden Road is a one-story, concrete block and metal structure developed in 1987 on a ±3.0-acre site. The 18-unit building is fully sprinklered and features 14-foot to 18-foot clear heights as well as 10-foot by 12-foot, grade-level, rear loading doors.
The buildings were 98% leased at the time of sale. Notable tenants include Palm Beach Laundry, the City of Riviera Beach and Saf-Glas.
Interstate Industrial Park is centrally located in Palm Beach County, equidistant to the West Blue Heron Boulevard and 45th Street interchanges of Interstate 95. This location within the Census Tract 13.02 Opportunity Zone offers convenient access to the eastern seaboard’s main north-south thoroughfare.
“Investors were primarily drawn to this listing by the small-bay nature of the assets and the strength of the surrounding submarket, which is 98% leased,” said O’Donnell. “The fact that the assets are located in an Opportunity Zone, potentially affording tax advantages, drove further interest from potential buyers.”
The South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and Hochman has closed over $1.5 billion in sales and financing over the last three years. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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